At a time when other global crypto exchanges are facing the heat, OKX in India is focussed on its role as an incubator to build the Web3 ecosystem and have a deeper product engagement with Polygon
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The crypto world has seen a mix of both alarming and encouraging news in recent weeks. The quick exit of Binance CEO Changpeng Zhao, after he pleaded guilty to US money laundering charges, and a fine of $4.3 billion on the crypto exchange in November, has overshadowed a bit of positive news: The possibility of the US Securities and Exchange Commission (SEC) approving the listing of the first spot Bitcoin exchange-traded fund (ETF).
For OKX, the world’s second-largest crypto currency exchange by 24-hour trading volume, and which, since 2021, positions itself as a Web3 technology company, it is business as usual and its march towards gaining a global footprint continues. The exchange has, in November, launched its crypto exchange and Web3 wallet platform in Brazil. It has already applied for a virtual asset trading platform (VATP) license through its Hong Kong branch, which it hopes to receive in coming months. This comes at a time when the G20 nations have endorsed the recommendations of the Financial Stability Report (FSB) towards regulation of crypto assets.
OKX is strengthening its India presence also, particularly in the Web3 space, where the concentration of engineers, product people, entrepreneurs and developers thrives in India. But it comes in an environment where global investing in Web3 startups has slowed in 2023, compared to a year earlier.
“The youth in India have a natural gravitation towards STEM education. Beyond Silicon Valley and China, Indians have built knowledge systems with technology and software. As Web3 emerges, engineers, product experts, entrepreneurs and developers are thriving in India. We've seen much of the traffic to Web3 companies and active users come from India. Seeing this data made us go down the rabbit hole of exploring India,” says Haider Rafique, a spokesperson for OKX’s India operations and the exchange’s chief marketing officer.
OKX plans to work on three fronts in India. It will start by fostering the Web3 community in India. “We may also explore if we can serve as a small incubator or do some developer funding in India where we can provide grants ranging from $25,000 to $75,000 for promising Web3 projects,” says Haider. OKX has already sponsored events in more than 400 colleges in India to build branding and education, and to explore if they can be part of a developer or engineer’s journey.